The Ministry of Corporate Affairs (MCA) secretary Injeti Srinivas said on Monday that rather than dragging Jet Airways into the insolvency process, it would be better if the issue is resolved through talks between creditors and debtors.
“I think creditors and debtor are in discussion. So that’s the best process. If there is a good outcome of this negotiation, then that’s better than dragging it to insolvency. But if that (NCLT) is only available at that stage, then the bankers will take a call,” Srinivas told reporters when asked whether Jet Airways case is fit to be brought under the IBC.
Speaking at a conference on IBC, organised by industry body CII, he also said, “The speed at which cases have been disposed by the National Company Law Tribunal (NCLT) has been commendable. But the IBC should be invoked only as the last resort.”